If you’ve ever seen A Christmas Story, you know that new toys are sometimes more trouble than they’re worth.
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Remember how little Ralphie begs for (and eventually receives) a BB gun? Then, just as the adults warned him, he ends up shooting himself in the eye.
While most business owners aren’t pining for a BB gun, there are plenty of new tech toys they crave. Some of these tools are great for startups, but they won’t necessarily solve all your problems. The road to early adoption can be a rocky one, but there are a few toys that are worth the investment.
The pros and cons of being an early adopter
Adopting new tech early is a big risk for small businesses, but it sometimes pays off big.
I recently saw a documentary about a struggling toy company that brought in an investor to turn the 35-year-old business around. The company was spending tons of time and money prototyping and developing toys, so the investor suggested that the company purchase a 3-D printer. This technology rapidly sped up prototyping and saved the company thousands. Had it stuck with the old way of doing things, it would have gone under.
Some emerging technology can make your company more efficient and save you time and money. Adopting the latest tech also shows your employees that you’re invested in moving the company forward.
Best of all, when that tech later becomes mainstream, there are lots of opportunities for those early adopters to get ahead of the competition.
But for every piece of groundbreaking technology, there are a dozen flops. If you have enormous expectations for a tool but can’t work out the bugs, it could cost you more time and money than it’s saving, which can hurt your bottom line.
However, there are a few products that are worth investigating now. Some have been around for a while, some are still years away from perfection, but all of them are going to be game changers for businesses.
Electric taxis
Many people have a hard time justifying the initial cost of an electric vehicle. However, if your business is built on transportation, then access to free charging stations is incredibly beneficial. Taxi services continually combat rising fuel costs. By utilizing a fleet of electric taxis, these services would save on costs and work toward eco-friendly measures simultaneously.
Las Vegas is already establishing free charging stations throughout the city. In addition, New York City is working toward one-third of its taxis going electric by 2020. If you live in a city with a great electric vehicle network (especially along the West Coast), an electric car can be a great money-saving investment for your company.
Myo Armband
Wouldn’t it be great if you could control your computer like Tom Cruise in “Minority Report”? Thalmic Labs is looking to do just that by creating a device that uses gesture control to operate computers and other electronic devices.
The Myo armband could conceivably create huge efficiencies for businesses, and the demo video shows the product controlling video games, presentations, and even military-grade robots. Myo is a neat toy, but it’s probably not worth the money unless it aligns with tasks your business performs on a daily basis.
Internet-connected building management
The Internet of Things means you may never again leave your house in a rush and spend the rest of the day wondering whether you turned off the coffee maker.
Apple’s unveiling of iOS 8 HomeKit is a huge boon for companies such as Nest, which makes a smart learning thermostat that can be controlled from your smartphone.
In Las Vegas, for instance, a number of new buildings and hotels are choosing to use Internet-connected building management instead of traditional methods. By investing in these, they’re giving their clients a great experience, making things easier for their staff, and giving their building managers access to data that can lead to massive energy savings in the long run. It sounds like a solid bet to me.
Cloud technology
Aside from the money you stand to save, moving your data to the cloud can be beneficial because it shows your employees that you’re invested in the future of the business and constantly improving processes any way you can. If your business isn’t using the cloud yet, I highly recommend taking advantage of these services now.\
Drones
Amazon CEO Jeff Bezos recently announced that Amazon is doubling down on developing delivery drones, and in June, a Russian pizzeria delivered its first pie by unmanned drone. Domino’s is now getting in on the action.
While drones are a no-brainer for Domino’s or Amazon — companies that can afford to plunk down a few hundred thousand dollars on research and development — it’s not as simple for small business owners. Companies such as Kiva Systems are pushing technological advances that could make drone technology more affordable in coming years, but I’d hold out until then.
Becoming an early adopter is often a gamble, but the right investments can pay off big for many small businesses. Just like Ralphie, the promise of something great may backfire — or it could bring you results beyond your wildest dreams.
What new tech has your company adopted early, and how has it impacted your business?
